Bank of America Corporation (NYSE:BAC) Stake Cut by Avantax Planning Partners Inc.

Avantax Planning Partners Inc. cut its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 6.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 108,746 shares of the financial services provider's stock after selling 7,617 shares during the quarter. Avantax Planning Partners Inc.'s holdings in Bank of America were worth $4,538,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Bank of America in the fourth quarter worth $5,226,989,000. Capital World Investors grew its position in shares of Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after purchasing an additional 17,031,143 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after purchasing an additional 11,691,451 shares during the period. Amundi grew its position in shares of Bank of America by 37.1% in the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock valued at $1,747,658,000 after purchasing an additional 10,231,001 shares during the period. Finally, Northern Trust Corp grew its position in shares of Bank of America by 17.2% in the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after purchasing an additional 9,980,859 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on BAC shares. Robert W. Baird reiterated a "neutral" rating and set a $52.00 target price on shares of Bank of America in a report on Friday, June 27th. TD Cowen began coverage on Bank of America in a report on Thursday, May 15th. They issued a "buy" rating and a $53.00 price target for the company. Piper Sandler decreased their price target on Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Royal Bank Of Canada set a $53.00 target price on Bank of America and gave the company an "outperform" rating in a research note on Monday, June 30th. Finally, Argus reduced their target price on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.28.

Bank of America Trading Up 0.5%

Shares of NYSE:BAC traded up $0.23 during midday trading on Friday, reaching $48.94. The company had a trading volume of 21,620,278 shares, compared to its average volume of 40,179,873. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $49.31. The firm has a market cap of $368.61 billion, a price-to-earnings ratio of 14.57, a price-to-earnings-growth ratio of 1.33 and a beta of 1.30. The company has a fifty day simple moving average of $44.28 and a two-hundred day simple moving average of $43.44.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. Research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.13%. The ex-dividend date was Friday, June 6th. Bank of America's dividend payout ratio is currently 30.95%.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.